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Senate Banking to Hold Confirmation Hearing for New SEC Commissioners

The Senate Banking Committee will hold a confirmation hearing Thursday for President Barack Obama’s SEC nominees—Kara Stein and Michael Piwowar.

Stein, an aide to Sen. Jack Reed, D-R.I., will replace SEC Commissioner Elisse Walter, a Democrat, and Piwowar, an economist on the Senate Banking Committee’s staff, will replace Troy Paredes, a Republican.

If confirmed by the Banking Committee and then by the full Senate, Piwowar and Stein will enter the commission at a time when lots of rulemakings are up in the air—namely creating a fiduciary rule for brokers and making further reforms to money-market funds.

Paredes’ term expired on June 5. Walters’ term technically expired on June 5, 2012, but she can stay in office until the end of this year.

Piwowar’s term would expire on June 5, 2018, and Stein’s term would expire on June 5, 2017.

Senate Banking Committee Chairman Tim Johnson, D-S.D., said in a statement when the two nominations were announced in late May that Stein “is a smart, dedicated public servant who has done superb work for Senator Reed on issues before the committee for over a decade. I look forward to supporting Kara’s nomination, and I am confident she will make an outstanding commissioner.”

Piwowar, Johnson said, “has extensive experience working on securities issues. Both of their experiences will serve them well as they work to fulfill the SEC’s mission of protecting investors and ensuring a fair marketplace.” Johnson said he looked forward “to moving both their nominations forward.”

AdvisorOne reported in early April that Piwowar and Stein would be Obama’s replacement picks for Walters and Paredes.